We know that sports betting in Kentucky has been highly anticipated and, of course, Bluegrass State could not be left behind. It took Governor Andy Beshear less than 24 hours to sign the sports betting bill, HB 551, passed by the State Senate with the contingency in the law being the market must launch within six months of the effective June 28th date.
Governor Makes History
As Bookmakers Review reported earlier last week, the latest iteration of Kentucky’s sports betting bill was a virtual slam-dunk for the governor’s signature after getting more than enough of the two-thirds majority in the House followed by overwhelming support in the Senate.
Governor Andy Beshear made his intentions known in September when he stated, “I’m 100% for sports betting. (I’ve) Pushed it every year I’ve been governor and as I was attorney general. Need a few people in the general assembly to come around. There are a whole lot of them here tonight. Hopefully, they like what they see.”
And like what they see, they did, as the Senate voted 25-12 on Thursday of last week to advance the bill to the governor’s desk. The bill was devoid of the online poker and daily fantasy sports language that had doomed previous sports betting legislation in the Bluegrass State. That change assuaged the sensibilities of legislators who were on the fence and ultimately led to the bill’s passage.
“For years I believed it was time for Kentucky to join so many other states and pass sports betting,” Beshear said during a press conference. “We talk about having a competitive business climate, but we did not have an important business that nearly every state surrounding us has. Our dollars were supporting Indiana, West Virginia, Ohio, and other states… This industry will bring new jobs, tourism, and growth.”
The other bill Governor Beshear signed into law was the legalization of medical marijuana.
Sports Betting in the Bluegrass State by Super Bowl
Sports betting should be up and running by December 28th, exactly six months after the law goes into effect, which means Kentuckians will not only be able to bet on the NFL and college football playoffs but the launch will be in full swing when March Madness tips off next year.
Kentucky boasts the University of Kentucky Wildcats, Louisville Cardinals, and Murray State Racers as D-1 college hoops programs, with the first two also competing in Division 1 football.
NASCAR also enjoys a popular base in Kentucky, as do professional sports in neighboring states with the Cincinnati Reds and Bengals, located at The Great American Ballpark and Paycor Stadium, respectively, less than a few miles from Covington, Kentucky. Moreover, the NHL’s Nashville Predators and Titans are just an hour over the Kentucky-Tennessee line.
Senate Majority Leader Damon Thayer, a major proponent of the bill, stated, “We are a sports-crazy state. And people want to be able to make a choice of their own free will to make a wager on a sports event – like almost all our surrounding states.”
The following nine tracks will be allowed to partner with up to three mobile platform providers:
- Churchill Downs – Churchill Downs
- ECL Corbin – Cumberland Run
- Ellis Entertainment – Ellis Park
- Keeneland Association – Keeneland
- Kentucky Downs – Kentucky Downs
- Lexington Trots Breeders – Red Mile
- Turfway Park – Turfway Park
- WKY Development – Oak Grove
- Speedway Motorsports – Kentucky Speedway
The bill levies a 14.25% tax on online sportsbooks’ adjusted gross revenue and an initial $500,000 licensing fee coupled with a $50,000 annual renewal fee while retail or in-person sportsbooks will be taxed at 9.75% of their net winnings.
Calculators
